Proposed plan for Bakerloo Line Upgrade and Extension. Pic: TfL

The extension of the Bakerloo line to Lewisham could cost up to £8 billion Transport for London has said.  

The new pricetag for the project which could see the line extended from Elephant and Castle to Lewisham by the 2040s was revealed in the new impact assessment looking into the project.  

The assessment said that the extension could cost between 5bn and 8bn and could begin construction by 2030, subject to funding. 

The Bakerloo line was installed in 1972 but currently only goes up to Elephant and Castle. Under the extension plans, it will travel through the Old Kent Road and New Cross Gate before terminating at Lewisham.   

The assessment was published after a new report looking into the benefits of the Bakerloo extension, which estimates that the scheme could bring 10,000 new jobs and over 50,000 new homes to south-east London, while adding up to £1.5bn to the local economy. 

The report titled ‘Moving London Forward’ estimated the extension would also create an additional 150,000 journeys a day through Central London and 20,000 fewer car journeys.  

It said the enlarged line would lead to “transformational connectivity and capacity enhancements”. 

Development is expected to start in 2030 and the extended line could be opened to the public by 2040 following delays due to the pandemic. 

Cllr Kieron Williams, Chair of Central London Forward and leader of Southwark council, said: “The Bakerloo line upgrade and extension is an investment that would keep our city moving forward.” 
 
“At a time when we urgently need to get growth back on track, it would boost our economy, create jobs and unlock tens of thousands of much-needed homes, all by making better use of the tunnels we already have beneath our capital. But we can’t deliver it alone. To unlock these benefits we need the Government and London to invest together.” 

However, the plans for expansion have been delayed due to a lack of funding, with campaigners urging the government to cough up more funds.  

TfL said it are relying on the government for further action and that it’s “critical that a funding commitment is reached”. 

The initial stage for the proposed extension would connect south-east London to the London Underground network with new stations at New Cross Gate and Lewisham. The next stage would connect surrounding areas to the tube network, including Ladywell, Catford Bridge and Lower Sydenham. 

The Programmes and Investment Committee are set to meet on February 28 to discuss further.